The correct choice of a forex broker is one of the most fundamental factors in relation to your success in forex trading. Finding a broker is not a problem. There is plenty of advertising that can be seen almost every day – in the public transport, Internet, on TV, etc. Of course, not all reviews websites and advertising articles can be trusted.
Then how can we select the right and the most honest forex firm ?
If you want to choose a decent forex broker who will be your reliable partner and help you succeed on the foreign exchange marker, do not rush to register on the first website that you see online. Ask around the other traders (friends, relatives, online forums) what broker is considered the best on the market, make a short list and examine in detail the characteristics of each company.
Reliable brokers have a valid license to conduct brokerage services in various countries, considerable experience and reputation in the market, competitive rates. They usually offer high quality services: great support team, a god choice of a trading platform, competitive bonus programs, etc. Your final opinion should be based on your own experience as very often negative comments are given by traders abusing the trading conditions of brokers.
The best forex broker- how to spot it?
There are ratings that help determine which forex companies it is worth paying attention to. Depending on different criteria, the first places may be occupied by different brokers. However, the most common ranking indicators that you should be looking for are the following:
- experience in the market
- the geographical scope of business
- customer reviews
- the popularity of the trading platform
- regular publications in reputable media
- exhibitions and awards
If we compare different rankings, we can notice that the first 10 brokers are usually the same. Now, it is important to understand what criteria you are using to evaluate the reliability of a broker. For some traders it is important the amount of the bonus they will get, while for other it might be the trading platform. In any case, no matter what broker you will select you need to make sure it is regulated. You can then go into more detail and experiment with different brokers so you can identify the company that can best meet your trading needs.
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Important: Your Capital is at risk. T&Cs apply for all bonus promotions
What forex account should I choose?
It is very confusing for a novice trader to understand the type of accounts that are usually offered by a forex broker. Choice is easy especially when you know what you need. If you do not know which account type to choose, then we are going to simplify this for you. So let’s start.
Types of forex accounts:
- Demo Account
It is like a sandbox for the novice trader. This type of account fully simulates the process of trading in the Forex market. The main difference is that you are not trading with real money but with virtual. You can learn to test, experiment and lose your deposit as many times as you wish and it will not affect your wallet.
- Micro / Cent account
Ideal for beginners who are going to switch from a demo account to a real one. The small amount of initial capital allows us not to be upset if something goes wrong, and at the same time instills a sense of trading real money. But do not think that only novice traders use micro accounts. Businesses also have such accounts for testing trading strategies or expert advisers. Trading on a real account with small deposits is a great opportunity not only for novice traders but also for pros.
- Standard Account
It is often also referred to as a classic account. Most forex traders trade on this account type, because it contains everything you need: large variety of trading tools, a low spread, different leverage, automated trading and scalping. Minimum lot size of 0.01 provides good opportunities for competent capital management. On the standard account there is also a function for the stop-loss and take-profit. This type of account is perfect for day-trading. ECN Account
The main difference between this account type from others, is the way it obtains quotes. The quotes you get are not from the broker, but directly through the ECN system. Because of that, in this type of account the spread is not fixed (for example, 2 pips on the pair EUR / USD), and floating. You may say, what’s the point if I do not know in advance how many pips will be spread? In fact, the spread in such accounts is always very low. Sometimes the spread is even zero. In addition, working directly through the ECN system, you get faster execution and virtually no slippage. Sometimes a broker may take a commission for this type of account, so be careful to check that. This type of account is suitable for advanced traders, who often trade within the same day, because they save on spreads and get a more accurate execution of trades.
- VIP or Premium account
There is a minimum deposit amount of several thousand dollars, but you get all the privileges of a VIP customer: a personal account manager, exclusive conditions and so on. Some brokers may also offer trading advice or lower spreads.
- PAMM account
PAMM accounts give you the ability to manage other people’s money. We can say it is like a small investment fund. You open an account, put a certain amount of money in it. Then, also other traders can invest money in the same account. You trade with common funds and share the profits.
Of course, this is not a whole list of all available account types in the forex market, but those are the most common types. At the same time, every broker tries to differentiate in some way with its account types. Some offer Swap-free accounts, while others offer accounts with a huge leverage. It is up to you to check and decide what best fits your trading needs and goals.
We have selected for you only the most reliable forex brokers that offer the most competitive forex bonuses. Feel free to also check the rest of the sections on our website. If you have any questions please contact us here. Good luck with your selection and happy and successful trading!