How to Compare Forex Brokers With one Click?
Do you seek to start trading the Forex markets in 2018 but have no idea where to start? Choosing your Forex broker will be one of the initial steps of becoming a successful Forex trader. While this seems like a pretty simple idea, many people have had horrible stories just by placing their capital with the wrong Forex brokerage company, which looked pretty safe. But what are some of the factors that make traders lose money?
- Poor customer service
- High fees
- Lack of information
- System inefficiencies
Factors to consider when selecting the best Forex broker
Choosing the best Forex broker https://topbrokers.com/forex-brokers is an onerous task owing to the large number of brokerage firms which aim at giving these services. While all of these Forex brokerage firms have unique offerings, it is important to consider a number of features which will make you a successful day trader. But what are some of these features?
Trading platform
Owing to the recent technological advancements in the world, it is imperative for you to choose a Forex broker who offers a convenient and efficient trading platform. Some brokerage firms will only offer web trading which will always require you to use the internet on your computer. On the other hand, other brokers may have a mobile trading platform such as MetaTrader4 or MetaTrader5. These can be a great feature especially if you are always on the go and may not have access to a computer but you still want to trade.
Currency pairs available for trading
As a novice trader, you may have little use for most of the currency pairs as you may choose to settle on one or two currency pairs before progressing to others. However, experienced trades will often trade in some of the uncommon currency pairs. Choosing a broker with a high number of currency pairs is not only important for advanced traders but it can also work for those seeking to improve their trading skills.
Costs of trading
Although it is fundamental to review and question the type of costs incurred on your account and its consequence, this can be a rather difficult affair due to the complexities involved in calculating costs. A significant number of brokerage firms will charge and state their fees upfront but many of them will also choose to effect no commission but may earn a lot in pocketing excess bid-ask spread. This is essentially the difference between how much a broker may be willing to buy a particular currency and the price at which they are selling the currency. It is worth noting that many commissioners will advertise that they charge no commission but then charge you more on the bid-ask spread.
Customer service
Do you want to lose money because of a technical hitch of your brokers platform? Or maybe you may lose out on a long trade simply because your Forex brokerage firm did not answer your calls. Whatever the case, it would be quite painful if someone you entitle your money to does not care enough to ensure they have good communication channels and personnel. Assessing the customer service of each platform will help you resolve any disputes that may arise in the course of trading.
Best Forex trading brokers
Oanda
Regarded as one of the best trading platforms in the US due to a combination of a number of features including the lowest spreads with no minimum investment necessary and no set limit for minimum trading lots. Furthermore, it has more than 90 currency pairs.
Forex.com
Are you new to the Forex bandwagon and seek a Forex broker who will hold your hand as you start trading? This is one of the best brokerage firm for beginners. It offers a myriad of education resources, a reliable customer support, seminars and multiple guides. Furthermore, it also offers 24/7 broker support for six days including Saturdays unlike other brokerage firms which usually offer customer support on weekdays only.
ATC brokers
Also known for its low cost trading. There are many commissions and even hidden fees that Forex brokers often impose on their clients. This may be quite depressing, especially if you are a low-volume trader. ATC has a flat commission pricing paid either when you sell or when you buy.
