Introduction
As far as online forex trading today is involved, every trader would need a broker to do so. Given the popularity of forex trading today and the large number of traders in the business, a lot of brokers have emerged seeking to lure the trader into trading on their platforms. Choosing a broker to trade with from the multiple lists of brokers available is usually not an easy task for beginners.
Not all brokers are reliable and there are some with very poor services when it comes to order executions. To make trading easy and avoid losses arising from market manipulation, every trader is expected to take time to identify the best forex broker for trading before proceeding to create a trading account.
To make things simple for traders in choosing the best forex broker for trading, we have discussed in this work, the important factors every trader needs to consider while choosing an online trading brokers for trading today.
Meaning of Forex Broker
Forex brokers are intermediary financial service providers that receive and execute the trader’s orders at the market. Naturally, forex trading would have required the trader to proceed to the foreign exchange market to find a buyer whenever he wishes to exchange any foreign currency or even move to the bank to do so.
However, with the online forex brokers, it has now become so easy for individuals to buy and sell their desired foreign currency without needing to go to the exchange market.
Factors to consider while choosing the best forex broker today
- Regulation: The most important factor considered while choosing the best forex broker is its regulation. A regulated broker is one recognized and registered with the regulatory authorities within the region in which it operates. These bodies scrutinize the activities of the broker and ensure they conform with the regulatory standards.
- Amount of commission charged for trading: The amount charged as the trading commission for trading is another important factor considered while choosing the best broker for trading today. Brokers with low charges are always the best for trading.
- Spreads: The difference between the buy and sell prices is what we know today as spreads. Best brokers charge lower spreads for trading on their platforms.
- Quality of customers support services: The way a broker attends to their clients, and readiness to resolve clients’ problems is always an important factor considered when choosing a broker. Best forex brokers are known for their readiness to resolve all client’s problems.
- Method available for deposit and withdrawals: The methods available for deposit and withdrawals are always to be considered while choosing a broker for trading. Best brokers are known to provide multiple options for making deposits and withdrawals on their platforms.
- The number of financial instruments provided for trading: There are so many financial instruments available for trading in the market today. The number of assets listed for trading by a particular broker is always an important factor to consider while choosing a forex broker for trading.
- Nature of their trading platforms: Brokers are expected to provide excellent trading platforms to make trading easy for their clients while using their platforms.
- Records: The quality of services that a broker has rendered to clients since creation is always an important factor to consider while choosing the best broker for trading today.
- Years of experience in the industry: Brokers that have kept excellent records for at least three to four years are usually the best to choose for trading today.
List of best forex brokers for trading today
HFM
Pepperstone
eToro
Capital.com
Plus500
BlackBull Markets
Interactive Brokers
ATFX
Hantec Markets
FP Markets