The “best” forex broker will often be a matter of individual preference. It may come down to the pairs you need to trade, the platform, trading using spot markets or per point or simple ease of use requirements.
The main criteria for finding the best Forex Brokers are these:
- Trading Fees – This is the most important part of your global Forex broker appraisal. There is no way around that. One forex broker may charge you 10 times less for the same trade than another. Take note of “hidden” fees, such as withdrawals fees, or inactivity fees.
- Market Coverage – You need to be able to trade the FX pair or product of your choice/preference.
- Accessibility and Affordability – Beginner forex traders and small-timers need love too. You should never be forced into making a minimum deposit that you cannot afford to lose. Minimum deposits range from $10 to $1000. It might be worth investing more for a platform that suits you better, so stay open minded.
- Trading Platforms – The forex trading platform and the tools it features are your primary weapons in your personal war for profits. Pick the one that suits you best. Remember many platforms are configurable, so they can be tailored to suit you. Personal preference will play a large part here, as many trading platforms offer very similar services, but look and feel very different. Is a mobile platform your priority, or a desktop web trading platform?
- Mobile Trading Apps – Being able to trade on the go may be important. Some mobile apps are superior to others. Ideally the mobile platform will function just as the web-based version.
- Deposits and Withdrawals – You have to move funds to and from the broker, quickly and preferably cheaply. The Deposit/Withdrawal methods supported by the forex broker determine whether or not you can accomplish that. Financing an account may also require a specific payment method.
- Regulation – When push comes to shove, legal recourse is your first, last and only hope to settle the problems you might have with your forex broker. A proper regulatory framework is preventive in nature. It aims to keep such problems from popping up in the first place.
- Customer Support – You need someone to talk to when you run into problems with your deposits, actual trading, or – God forbid – withdrawals. Competent support is a must.
- Company Background and History – Knowing the past exploits of your forex broker can give you a better idea of what it is up to now. A listed company has to publish numerous elements of information about their balance sheet for example. You want peace of mind that your trading funds are segregated and held safely and securely.
Below is a list of comparison factors, some will be more important to you than others, but all are worth considering. Details on all these elements for each brand can be found in the individual reviews.