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Choose The Best Forex Broker

Page history last edited by forex 2 months, 2 weeks ago

If you're looking to learn forex trading online, you've come to the right place.


When I talk to people trying to learn forex trading online, their comments to me are always how confusing it is. Sure, there are many good websites out there, but they are mostly focused on one specific topic, be it candlestick charts, Elliot Wave theory, and lots of technical mumbo jumbo that makes no sense to newbies.

 

This website is meant for the beginner to intermediate forex trader to start off or learn the fundamentals of currency trading. Here, you’ll find tips on how to select the best forex broker, reviews of the best forex trading software (just in case you don’t want to do it all by yourself), and strategies on how to get started and up and running and making a profit.

 

First of all, here’s a brief summary of forex trading (also known as currency trading):

 

The foreign exchange market is the largest financial market in the world, more than triple the value of the stock markets combined. It is open 24 hours a day, 6 days a week and generates currency exchanges of up to 2 trillion dollars each day. That’s 2 followed by 18 zeros, in case you haven’t realised, a very very large sum.


Currency exchange has only recently become accessible to retail investors like you and me through the power of the internet. Today, hundreds of brokers compete for your business by offering online trading portals with advanced charting tools, forex signals, economic news, etc.

 

But before you get too excited, be advised that while there are hundreds of new millionaires out there that made their wealth through the power of forex, that there are a lot more people crying over huge losses.  So before jumping in, please take the time to learn forex trading; you’ll never regret doing so!

 

Foreign Exchange Brokers

 

If you want to trade forex, you have to choose from one of the hundreds of foreign exchange brokers out there to work with. Since brokers are something that you preferably want to stick to for as long as possible so that you can dedicate your time to concentrate on your trading, it’s important that you choose the most suitable online forex broker from the start to prevent any unnecessary disruptions to your trading. Here are some of the details you need to look out for when comparing between foreign exchange brokers:

 

Platform:
Best forex trading brokers offer proprietary platforms while others use commonly available ones. If you wish to use an automated forex trading system then you absolutely need to select an online forex broker that supports the MetaTrader 4 platform. This is because MetaTrader supports the usage of Expert Advisors which are scripts that automate certain functions.

 

Forex Charting Software
All good online foreign exchange brokers should offer forex charting software with a wide variety of indicators such as Bollinger bands, stochastics, MACD, etc

 

Forex Economic News
Your online forex broker should keep you updated whenever there are economics news releases, whether major or minor.

 

Free Demo Account
Good foreign exchange brokers will provide a free demo account that you can sign up for easily and quickly so that you can test your online forex trading strategies before implementing them live.

 

Islamic Accounts
Muslim forex traders need to select one of the foreign exchange brokers that allow them to open accounts without overnight interest since the Islamic law prohibits interest payment. These are also known as swap-free accounts.

 

Helpdesk and Hotline Support
It’s important to have fast and responsive support especially if things go wrong. It would be best if the online forex broker has an office or support hotline in your country or region.

 

Ease of Deposit and Withdrawal of Funds
This is an often overlooked point. Good foreign exchange brokers provide a wide variety of methods for you to deposit capital and to withdraw your profits. You don’t want to wait until you’re making money to realise that it isn’t so easy to take them out. After all, we’re all in this for the money.

 

Community
Many online forex brokers try to cultivate a community by hosting forums for traders to meet and discuss with each other their latest trades and strategies. Some even organise competitions to make online forex trading that extra bit more exciting.

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