Best Forex Broker

August 21, 2009

If you are interested to take part in online forex trading, one of the first things you have to do is to register with an online forex broker. But there are so many brokers out there, how do you know the best forex broker for you?

Here are some factors that you might want to look into:

User Interface:
You need to be comfortable with the way the online trading platform is presented and the ease in which you can perform trades, read the most updated economic news, and use the charting sofware. The user interface should be easy to use as you do not want to spend too much time figuring out how it works. You must definitely be able to sign up for a free demo account so that you can play around with the software since a lot of the time the best forex broker is the one you feel the most comfortable with.

Charting Software:
The ideal forex trading platform must have a charting facility and all the common indicators such as bollinger bands, stochastics, etc for you to perform technical analysis.

Minimum deposit:
This is important especially if you have very little trading capital to start off with. Some online forex brokers require just $1 to start trading but others require quite a lot more.

Leverage:
Leverage is an important consideration for some traders but not for all. Some online forex brokers can offer leverage as high as 1:500.

Support:
An important criteria of a good online forex broker is a good support team. An excellent online forex broker should have preferably multiple methods in which you can reach them displayed prominently on their website, because you do not want to be left hanging there when you require help.

Islamic accounts:
This is an important factor for Muslim traders as they have to sign up with a online foreign exchange broker that offers swap free accounts.

MT4 support:
If you plan to use automated forex software like FAPTurbo, then an online forex broker that supports the MT4 platform is essential. Forex traders sometimes have not decided on the strategy they’ll use when they register for an online forex broker and subsequently when they decide on using automated forex software, they realise that their broker doesn’t support it. I suggest registering for a broker that supports the MT4 platform even if you don’t plan to use an automated forex robot.

The online forex broker that we like is FXOpen. You can take a look at a review of the FXOpen forex broker here.

Finally, the best forex broker for your friends is not necessarily the best forex broker for you. Quite a bit depends on your trading style and requirements.