Forex trading through scalping gives great chances for a trader to earn money and minimise the risk involved in the financial market. Moreover, scalping requires investors to keep a constant eye on the currency pairs and other important factors that channelise their fluctuations. However, not all forex brokers allow scalping, but the best forex brokers do.
Before knowing the list of forex brokers for scalping, one should know what scalping stands for:-
What is forex scalping?
Forex scalping is similar to day trading, where traders buy and sell assets on the same day, before or during the day’s close. However, in scalping, the process gets repeated multiple times. Investors try to take advantage of the fluctuating currency market. They briefly hold currency pairs and sell them at short notice. Then, they do it continuously until their target for the day is met. So, there’s less involvement of funds, plus the risk of losing huge money also gets negated simultaneously.
Thus, a forex scalper tries to manage as many trades in a day to make the maximum benefits through small price movements. They are usually common throughout the day. While small gains are captured through scalping attempts, which is between 5 to 20 pips for a single trade, their profits can be multiplied by an increase in the position size.
Forex scalpers do not hold their currencies for more than a few seconds to some minutes. They open and close several positions in a day’s time.
Usage of leverage in forex scalping
Normally, forex traders use leverage during scalping trading. It helps them in taking larger position sizes. Thus, a small change can make a huge profitable difference for traders.
That means, ten pip profit in the GBP/USD on a USD 20,000 position (mini-lot) is USD 20, while on a USD 200,000 position which is a standard lot, the ten pip movement equates to USD 200.
Depending upon the requirement or the situation, one can choose an automated or manual strategy.
In the manual process, a trader would be required to stick to the computer screen for the entire day, looking for signals and ascertaining whether to buy or sell.
However, in the automated scalping system, you can tell the software when to buy or sell currency pairs. Thus, when it meets the criteria of your feeds, your positions will either be entered or exited.
Some of the best forex brokers for scalping
If you are considering trading through scalping, then selecting the right brokerage firm matters the most. Some of the top brokers that are offering the services are:-
These brokers have offered solid performance and helped traders achieve their scalping requirements.
PrimeFin
The broker PrimeFin is one of the fewest financial service providers that offer more than ten thousand markets to investors for trading. Moreover, its allegiance with a quick registration, swift speed and full control over bids make it one of the leading brokers globally.
Furthermore, the broker offers excellent features that you can’t say no to. It caters to the demand of forex scalping traders.
- Execution of bids happens instantly, which is important in forex scalping trading.
- You can trade by using any device.
- Cross-functional platform
- Fast depositing option
- Withdrawals are quick
- The maximum leverage goes high up at 1:100.
- The education material is top-notch that can help in better understanding of forex scalping.
- The latency is low here.
- The customer care support is prompt and helpful.
The broker also offers CFD trading. You can bid on exotic, major and minor currency pairs. Moreover, a trading platform like MetaTrader 4 provides a high-tech opportunity for placing bids swiftly. PrimeFin does not charge any commission, which favours scalpers because they place bids within minutes or seconds. So, that may, otherwise, amount to more significant expenses.
A wide selection of currency pairs includes CHF/JPY, CAD/CHF, EUR/USD, USD/JPY, EUR/CAD, GBP/USD, CAD/JPY and many others for scalp trading.
Capixal
The broker firm Capixal offers an exciting world of trading internationally in different setups. A team of professionals have crafted the most conducive and flexible trading conditions for scalp traders. As a result, you feel comfortable investing your money in the forex market and garnering good profits.
The financial service provider is packed with several advantages:-
- Sixty plus analytical tools
- Adaptable cross trading platforms
- Three primary account types for performing scalp trading
- Solid grounds to manage bids
- Free education material for enhancing trading information
- Receive direct market updates
- Full account customisation
- Instant access to market moves
- One-click trading options
- Swift registration process
- Get a demo account to experiment on currency pairs.
Moreover, professional traders get an opportunity to trade with huge leverage of 1:200. So, the chances for making large profits in one scalp trading gets bigger. Also, there’s a financing fee discount of 50 per cent.
The Capixal brokerage firm provides more than 45 CFD currency pairs for trading. Here are some currency pairs for scalp trading: – AUD/NZD, CAD/JPY, CAD/CHF, AUD/USD, AUD/NZD, AUD/CAD, AUD/JPY, AUD/CHF and others.
Brokereo
The Brokereo brokerage firm is defining supremacy in the market of scalp trading. The broker allows you to create several strategies with allegiance to quick profit-making through scalping. The financial provider has several functions that aid clients.
- Cross-platform trading
- 20+ analytical tools
- Vast currency pair choices
- Get an account in three easy steps
- The average execution speed is 0.04 seconds
- Spreads start from 0.03 pips
- Professional clients can exploit leverage up to 1:200 for larger positions.
- It offers 45+ currency pairs for traders, including major, minor and exotic.
- Flexibility in platforms
- Achieve financial goals through highly effective trading terminals
The broker also offers CFD trading on forex pairs. Here are the following currency pairs the trading portal provides for scalp trading:-
EUR/CAD, CAD/CHF, CHF/JPY, EUR/USD, GBP/USD, USD/JPY, AUD/USD, and many others.
The bidding is effective with the broker and offers benefits to them with quick trading. The dedicated account manager is an additional feature that helps traders connect when they encounter some trouble during forex scalp trading.
Moreover, the continuous news alerts help know which currency pair is better for the day for scalping.
ABinvesting
