Who are Forex Brokers?
A forex broker is a forex provider that provides you the forex trading platform to trade in a forex market.
Unlike other trading platforms, there is no centralized market. Instead, there are thousands of forex trading brokers who set their own currency prices and spreads. The forex markets are the most competitive market, therefore, you will not find much enough difference in rates between different forex brokers for currency arbitrage. The minor differences between forex brokers may vary on the following grounds:
i) Initial Deposit
ii) Reputation
iii) Regulation
iv) Currency Pairs
v) Softwares
vi) Customer Support
vii) Mode of Payment Etc.
You should surely check the forex trading broker before signing up to ensure that they will give you a good deal.
What are the factors to check before choosing forex brokers?
When checking out a forex broker, look for these details:
1. Margin provided (usually 1-4%)
2. Their spreads (the EURUSD is 3-4 pips)
3. Amount of Intial deposit required to start an account.
4. Any fees for small trade sizes (many don’t charge but some do)
6. Whether the broker automatically closes your position if the position goes against you by the entire value of your account not used as margin for that trade (not that you’re likely to face this situation if you follow system rules, but just in case it does!)
7. Their charting package and suitability of their forex trading platform.
8. If they provide the opportunity to trade on a DEMO ACCOUNT.
9. Their reputation and flaws of their service reviewed by real forex traders who have used their brokery services.
What are the top 5 forex trading brokers according to our expert rating?
THE LISTS WILL BE COMING SOON
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